The tax season is well and truly over, but is it really? An accountant’s job does not end on April 15, but continues all through the year. There is always some work related to taxes to be done, and if you are not adequately prepared, the onset of the next tax season would hit you like a sledgehammer.
As an accountant you will know that while some of the regulations change every year, the basics of tax filing remain the same. So follow the tips given here to make sure that you are perfectly prepared and ready to go, when the next tax season comes along.
Tip #1: Making Income Projections
It is much easier for salaried professionals to project their income over the current financial year. But for small businesses and the self-employed, this isn’t so easy. So, CPAs will need to be better informed about various industries and professionals, which would allow them to project incomes with confidence and plan the tax savings and deductions accordingly as early as possible, instead of waiting for the last minute.
Tip #2: Use QuickBooks Hosting
It is very difficult to track all financial transactions chronologically all through the year. You need help. QuickBooks Hosting (or for that matter any of the other leading cloud accounting services) would help you track all transactions. QuickBooks can be integrated with your clients’ bank accounts and other e-wallet systems, which would allow you to track their finances efficiently and quickly, so that you can prepare their taxes accurately. QuickBooks on the Cloud allows for an anytime, anywhere access – which means you will have access to your client’s data no matter where you are in the world. Also, the accounting data is backed up daily and stored in highly secure data centers.
Tip #3: Talk to Your Client
It is important to have an informal conversation with your client about the approaching deadlines and to run through their financial statements with them. The conversations should be held in a stress-free environment and you should get to know your clients better. It is important to build a friendly but professional relationship with your client. This would allow you to understand their requirements better. The clients should be informed about the changes in the regulations and updated about the new accounting requirements, if any. They should take a personal interest in the tax preparation and know what to expect at every stage.
Tip #4: Follow the latest tax news and always lookout for new tax tips
CPAs must be very knowledgeable about the latest tax news, and should keep themselves informed about any changes in regulations. Indeed, keeping abreast of the latest developments in the economy is mandatory for CPAs. They should be aware of not just the major changes, but also the minor alterations to the tax laws. There are a number of great online resources which they can follow. Also, it is equally important that CPAs should be aware of the latest tax trends and technologies such as cloud accounting. This would allow them to perform their tasks better and prepare for the next tax season with absolute confidence.